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Switzerland Unemployment Rate 2.3% (consensus 2.2%) in Mar-24

- Switzerland's unemployment rate for March 2024 was 2.3%, slightly higher than expected and the highest since February 2022.
- The rate is 0.19% above the one-year average, suggesting an unfavourable employment situation through the slightly rising trend.

Swiss National Bank Policy Rate 1.5% (consensus 1.75%) in Mar-24

• The SNB's unexpected rate cut to 1.5% reflects a strategic shift, influenced by sustained below-target inflation and the effectiveness of previous monetary tightening, underscoring the bank's commitment to price stability and economic support.
• Future policy decisions will hinge on inflation dynamics, global economic conditions, and domestic economic health. The SNB is poised to adjust its stance in response to evolving economic indicators and inflation forecasts.
• The SNB's approach balances supporting economic growth and ensuring price stability, indicating a readiness to adapt policy measures in the face of heightened economic uncertainties and shifting global dynamics.

Switzerland CPI Inflation 1.2% y-o-y (consensus 1.1%) in Feb-24

- Switzerland's CPI inflation in February 2024 only slowed by a tenth to 1.2% y-o-y, slightly exceeding market expectations of 1.1%.
- This pace still extends the break below the average from most of 2023 to languish well-below the SNB's target.

Switzerland CPI Inflation 1.3% y-o-y (consensus 1.7%) in Jan-24

- Switzerland's CPI inflation rate for January 2024 was 1.3% year-on-year, much lower than the consensus forecast of 1.7%.
- The January 2024 CPI inflation rate break lower takes it 0.68 percentage points below the one-year average.